Here is how the funds move from your Funding Account to the Vendor's Account after payment is initiated.
The movement of funds can be tracked:
- Go to Bills > Payments and locate the bill.
- The Payment Tracker will show the payment status and the estimated date of payment.
1. Funds are moved from the Funding Account to the Airbase Account.
For the first part of the transaction, Airbase will move funds from the Funding Account to Airbase Account.
It’ll take 3 business days for the transfer to complete.
The Payment Tracker will display when the funds are initiated and the estimated date of payment.
When the fund is moved from the funding account to the Airbase Money out clearing account, the Description of the transaction in Airbase will say ACH Load (Bill Payment).
2. Funds are moved from Airbase Account to Vendor’s bank account.
Once the money is credited to the Airbase Account, a transaction will be initiated to the Vendor’s bank account.
The transfer will only take 1 business day to complete.
The status in the Payment tracker will change to Transfer to vendor initiated.
3. Payment completed.
Once the amount is credited to the Vendor’s account the status will change to Payment Completed.
Alternatively, you can track the status in Accounting > Transactions.